Fixing Inefficient Prior Authorization in Cardiology Billing

As the year 2024 unfolds, the urgency of addressing the tedious and somewhat inefficient prior authorization process for healthcare financial leaders persists. When it comes to the crucial aspect of cardiology practices, the amount of time required for manual authorizations is a pressing issue. The delay in prior authorization not only disrupts the vital aspect of care but also hampers the cardiology billing process, resulting in revenue loss.

The revenue generation process is not the main objective of a cardiology practice, but it is vital to maintain its functionality. In fact, according to a survey by the American Medical Association (AMA), prior authorization has led to serious adverse events for a patient in care. And 9% of the surveyed physicians have reported that delays in the PA process can lead, or have led, to bodily damage, congenital anomaly, or even death.

Prior Authorization: A Critical Barrier to Efficient Cardiology Billing

The realm of cardiology is already burdened with increasing patient volumes and workload. On the other hand, the constant skill shortage is creating a major hurdle for the practitioners within the country. As the studies suggest, a PA process takes around 45 minutes on average and costs up to $13. When multiplied by the number of procedures conducted daily, these figures highlight a significant burden on time and financial stability of the practice. Also, it has been identified that 63% of physicians actively seek an advanced solution to eliminate the challenges within the revenue cycle management.

Chief Financial Officers are grappling with revenue optimization due to underpayments and denials due to preauthorization, particularly in cardiology billing. Lack of visibility and efficiency in the PA approval timeline hampers the ability to forecast revenue.

Also, the exponential growth of administrative burden leads the existing staff towards burnout. As a result, the quality of care is hampered, and patients are leaving your facility with dissatisfaction as well.

Revolutionizing Cardiology Billing Prior Authorization

By adhering to the proper guidelines and comprehending industry mandates, prior authorization experts at Sunknowledge Services Inc. can improve your experience. We can navigate your ROI in the positive direction by eliminating the gridlocks in cardiology billing. Our professionals handle the entire authorization initiation process, prompt submissions, follow-ups, and other authorization operations in your cardiology practice. Being a secure, 100% HIPAA-compliant process, we can streamline your cardiology billing and coding processes along with the authorization requirements. In addition to saving up internal resources and implementing a quick turnaround time, our specialist assists with:

  • 80% operational cost reductions almost immediately
  • Our experts ensure 100% PA submissions on the same day
  • Increase your collection rate by 97% within the first 30 days of billing itself
  • Customized reporting according to the client’s protocol
  • No-cost dedicated account managers for all cardiology PA service accounts

We further maintain 99% accuracy within the prior authorization process along with efficient claim processing and denial management. By working as an extended operational arm, we help you in improving the bottom line of your practice. To know more about our services, connect with our experts on a non-commitment call today.